This is a v good observation Blind-as-a-Bat.ERM clearly have...

This is a v good observation Blind-as-a-Bat.

ERM clearly have longer-term strategic plans for NSW electricity & for CMB gas - hence the ROG farm-in (assassination). They also have the cash(flow) to fund a farm-in with MEL on Mackellar.

So, my scenario is this: when our nerveless (sic) risk-averse pathetic leader (sic) the business friendly (sic) BOF (cough/splutter) (who reminds the older observer of the arch-appeaser Neville Chamberlain) having destroyed retail shareholder value - is forced by economic reality to finally grant licenses and renewals - ERM will quickly farm-in with MEL to drill “Rosella” – just like ERM have done with ROG.

The cash-burn burden will be reduced and ERM will own a piece of conventional gas.

The ERM relationship is more interesting IMO than LNG Maurice. TRU-energy in Ipswich is also worth a study.

The devil will be in the detail.

So, Murky, no immediate need for a CR/dilution. If the parties see a common benefit it will be tough but do-able. The entire gas story is on BOF’s back; somebody put his dithering dabs all over that SMH piece – the cabinet pips are beginning to squeak.

Finally, if NSW doesn’t get started on future gas-powered electricity then supplies will cut out within years. NSW imports its electricity from QLD and VIC. SE QLD population is increasing and VIC brown coal power stations are being shut down.

So NO gas for industry and NO electricity either. The focus groups are doing well – not. BOF, do you want your contribution to making a difference to be a fat cough and change the subject.

hs